Real Estate FAQ

(Frequently Asked Questions)

Real Estate Basics

How does COVID 19 impact real estate?

Real estate is considered a "critical sector" under Minnesota's "Stay at Home" directive. To make sure everyone is staying safe, here are some rules the real estate industry will be following:

1) Refrain from conducting open houses during this period.
2) Showing availability will be determined by sellers and tenants, however, Side by Side can take you through any active properties during this time. We will be utilizing virtual tours and other non-person-to-person activity as much as possible.
3) Conduct all business within the COVID-19 MDH social distancing guidelines.

Whether you have decided to keep looking for a property, sell an existing one or need any support on property management during this time we are here to help. Most importantly, stay healthy and safe!

Do I need to be pre-approved to buy real estate?

Yes, most listing agents will require a pre-approval letter along with any offer submitting on a property. Before looking at properties you will want to talk to a real estate lender and get a pre-approval letter.

How do I find a real estate lender?

We work with lenders all over the Twin Cities and can help you with your search.

What is an average down payment on a house?

Down payments range from 3.5% (FHA) to 20-25% on conventional loans on up unless you decide to buy a house with straight cash.

What is earnest money?

Earnest money is a good faith payment towards your purchase. Typically 1% of the purchase amount, this money will be a credit on your final loan.

Do I need to pay for a home inspection?

A home inspection is entirely your choice but highly recommended.

What’s a home appraisal?

Once your offer has been accepted your lender will send out a home appraiser to determine the value of the property in relation to the purchase price.

I found a house I love, now what!?

Make sure you are pre-approved and let us know as soon as you can!

Real Estate Investing

How to get started in real estate investing?

Getting started in investing is easy, here a few ways to start learning more:

  • Research: Dive into real estate books, podcasts and blogs to start learning
  • Attend local real estate meet-ups and networking groups to start meeting other local investors
  • Determine your source of real estate funding. How will you purchase your first real estate investment? Cash, loans, hard money, private money are the most popular sources.
  • If you need real estate financing (don’t worry 99% of people start this way!), meet with a few different lenders to find the right program and get pre-approved.
  • Narrow down your search criteria – what location, what type of property, what price range (see pre-approval letter!)
  • Start searching!

What are some ways to get started on my search?

We recommend: 

  • MLS - Ask us to set up a personalized search
  • Driving for Dollars
  • Tell your friends and family what you are looking for

What are some of the best investing resources?

While we can answer many of your questions some of our favorite resources are local meet-ups, networking events and Bigger Pockets.

I found a property I like that is listed, what now?

The best deals go very quickly in this market so give us a call or text right away!

Where can I find off-market real estate deals?

Join our buyers list and you’ll receive an email every time we have a new off-market opportunity.

I can’t find any real estate deals in this market!

While none of us know what the future holds, we anticipate the market to be constantly changing over the next few months. Opportunity can be found in any market.

Ready to learn more? Check out these FAQ-related articles:

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Let's get together and discuss an investment, and how a we can work together towards financial freedom.

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